Water has unique properties that make it essential for life. It is polar and can form hydrogen bonds, giving it high surface tension and allowing it to be an excellent solvent. Water also has a high heat capacity and heat of vaporization, enabling it to buffer temperatures. Its density peaks at 4°C, and it is less dense as a solid due to its crystalline structure - properties important for organisms. Overall, water's polarity and ability to form bonds give it characteristics that sustain all known lifeforms.